Vermont Statutes Title 16 Sec. 2880c
Terms Used In Vermont Statutes Title 16 Sec. 2880c
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means Vermont Student Assistance Corporation. See
- Eligible child: means a minor who is a Vermont resident at the time the Corporation deposits or allocates funds pursuant to this subchapter for his or her benefit. See
- Program: means the Vermont Universal Children's Higher Education Savings Account Program. See
- Program Fund: means the Vermont Universal Children's Higher Education Savings Account Program Fund. See
§ 2880c. Initial deposits to the Program Fund
(a) Each year, the Corporation shall deposit $250.00 into the Program Fund for each eligible child born that year, beginning on or after January 1, 2016.
(b) In addition, if the eligible child has a family income of less than 250 percent of the federal poverty level at the time the deposit under subsection (a) of this section is made, the Corporation shall make an additional deposit into the Program Fund for the child that is equal to the deposit made under subsection (a).
(c) Notwithstanding subsections (a) and (b) of this section, if the available funds in a given calendar year are insufficient to provide for the maximum deposits under this section, the Corporation shall prorate the deposits accordingly. (Added 2015, No. 45, § 2.)